Crypto expert Jebb McAfee, also known as Crypto Jebb, recently appeared to share a comprehensive update on the cryptocurrency market. CoinSpeech team has collected the most important takeaways from his appearance. You can find Crypto Jebb’s new video below.
Bitcoin Faces a Potential Crash
Jebb began by warning about a possible crash in the price of Bitcoin triggered by a couple of major events. A transfer of $9 billion worth of Bitcoin from the defunct Mt. Gox exchange and a bearish article from JP Morgan have raised concerns. “A bearish article from JP Morgan could end up crashing the price of Bitcoin very soon,” stated Jebb.
Sharp Price Fluctuations Across Cryptocurrencies
The past week saw notable movements in the prices of various cryptocurrencies. Bitcoin fell by 3.48%, while Ethereum posted gains, due to the approval of Ethereum-based ETFs. Meanwhile, meme coins like PEPE surged impressively. “Pepe is up 29% in the last 7 days,” Jebb indicated, suggesting a potential altcoin season.
Mt. Gox Creditors to Receive Bitcoin
The hacked Mt. Gox exchange is finally moving towards returning over $9 billion worth of Bitcoin to its original creditors. This move has raised fears of a mass sell-off. “Following the movement of over 140,000 Bitcoin from Mt. Gox’s wallet to an unknown address in 13 transactions, the price of Bitcoin began going on a corrective movement,” Jebb noted. Such an influx of Bitcoin could flood the market, causing price declines.
Regulatory Challenges for Crypto ETFs
JP Morgan has predicted that it will be difficult for Solana and other crypto ETFs to secure regulatory approval, given the SEC’s ambiguous stance on cryptocurrencies like Ethereum. “JP Morgan believes this because they think that Ethereum was already a stretch for the Securities and Exchange Commission,” said Jebb. Despite this, there’s ongoing speculation about potential approval, especially if political figures like Donald Trump continue to advocate for cryptocurrencies.
Trump’s Unexpected Advocacy for Cryptocurrency
Donald Trump has recently voiced strong support for cryptocurrencies. “I am very positive and open-minded to cryptocurrency companies and all things related to this new emerging industry,” he stated on his social platform. This unexpected endorsement could dramatically impact regulatory attitudes if he returns to power, indicated Jebb.
Technical Analysis: Bitcoin and Ethereum
On the technical front, Bitcoin has been experiencing notable fluctuations. “Bitcoin has rallied almost $116,000, a nearly 30% movement,” explained Jebb. Similarly, Ethereum experienced a major rally following the news of ETF approvals and saw a significant price swing. “Ethereum would drop $200 and rally $300 in a spinning top Candlestick formation,” highlighting market uncertainty but an overall bullish trend.
U.S. Stock Market Impact
Lastly, the United States S&P 500 showed high correlation with the crypto market. The Ethereum ETF approval led to an immediate crash, but support levels are still being held. Jebb pointed out, “If the S&P 500 continues into an uptrend, which could be the catalyst for a market-wide rally.”